According to World Bank Report India will grow at 7.8% in year 2016 [ Current Affairs ]

(January 8, 2016)

According to recently issued the Global Economic Prospect report of the World Bank (WB), India will robust 7.8 per cent growth in the year 2016. Strong investor sentiment in India is also mentioned in this report and the positive effect on real incomes of the recent fall in oil prices.

Key highlights from report

Forecasted growth for India:

In the next two years 2017 and 2018, it will grow up to 7.9%.

India’s stock markets and currency have been become strong during sessions of instability in global financial markets over the past year.

Failure to pass the Goods and Services Tax (GST) bill by Parliament may obstruct the Indian government’s ability to increase the infrastructure spending.

Among BRICS nations:

China will grow at 6.7 % in 2016 and 6.5 % in next two years 2017 and 2018.

Brazil and Russia are expected to remain in recession during the year 2016 among the major developing economies.